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Relative Intelligence · Alternative Asset Management

How KKR & Co. Inc. (KKR) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on KKR alone. It places KKR (KKR & Co. Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where KKR stands in the market, and of the alternatives worth a closer look.

Period covered: KKR's full trading record, from January 2007 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against KKR →Chart KKR vs. 20 alternatives →
On this page12 sections

Key findings

How much would $10,000 in KKR have grown?

This chart tracks a hypothetical $10,000 investment in KKR over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of KKR over the same span and KKR's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: KKR began trading on January 11, 2007, so the chart cannot reach back to the dot-com bust. It covers the most recent 19 years of KKR's record, starting at the end of September 2007.

Choose a period

From the end of September 2007 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 400 of the 1,798 stocks and funds worth at least $500 million that traded the whole period ended ahead of KKR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000$100,000$200,0002007201020132016201920222025$10,000$100,0002007201220172022
  • IBKR$182,133+1,721% total · +16.5% a year
  • BX$123,452+1,135% total · +14.1% a year
  • JPM$116,856+1,069% total · +13.8% a year
  • BLK$97,407+874% total · +12.7% a year
  • ARCC$88,844+788% total · +12.2% a year
  • KKR$80,582+706% total · +11.6% a year
  • SPY (S&P 500)$70,725+607% total · +10.8% a year
  • GS$56,912+469% total · +9.6% a year
  • MS$45,157+352% total · +8.3% a year
  • AMG$29,621+196% total · +5.9% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,442 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of KKR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • GS$26,885+169% total · +21.9% a year
  • AMG$24,224+142% total · +19.4% a year
  • MS$22,663+127% total · +17.8% a year
  • APO$20,759+108% total · +15.7% a year
  • LPLA$19,958+99.6% total · +14.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • ARES$18,478+84.8% total · +13.1% a year
  • KKR$15,636+56.4% total · +9.4% a year
  • BLK$14,247+42.5% total · +7.3% a year
  • GCMG$13,996+40.0% total · +7.0% a year
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KKR at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: KKR began trading on January 11, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$80B
Industry
Asset Management
Price history from
January 2007

Returns

Past 1 year
−25.2%total return
Past 3 years
+65.7%+18.3% a year
Past 5 years
+31.8%+5.7% a year
Past 10 years
+653%+22.4% a year
Best calendar year
+153%2009
Worst calendar year
−81.2%2008
Losing years
6 of 18full calendar years

Risk

Volatility
39.8%typical yearly swing, 5 years
Sharpe ratio
0.34return per unit of risk, 5 years
Worst decline ever
−93.8%Mar 2007 to Feb 2009
From its all-time high
−46.0%below the peak

KKR against the whole market

Where KKR ranks among every stock and fund, and what across the market has done better.

How does KKR rank among all stocks?

This section ranks KKR on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how KKR stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureKKRRankStanding
1-year return−25.2%2,758 of 3,287bottom 17%
3-year return+65.7%1,316 of 3,017top 44%
5-year return+31.8%1,320 of 2,893top 46%
10-year return+653%214 of 2,202top 10%
Volatility, 5 years39.8%1,449 of 2,893top 50%
Sharpe ratio, 5 years0.341,433 of 2,893top 50%
Worst decline, past 10 years−49.4%438 of 2,187top 20%

What has beaten KKR on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). KKR sits where the dashed lines cross. Anything in the green box above and to the left earned more than KKR with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to KKR; faint dots are 90 more of the 1,223 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

0.0%10.0%20.0%30.0%40.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than KKRADI: +19.5% a year, volatility 34.1%PGR: +21.3% a year, volatility 25.6%DE: +14.4% a year, volatility 29.9%TT: +22.7% a year, volatility 27.7%GWW: +26.3% a year, volatility 24.9%ESLT: +39.8% a year, volatility 34.6%CDNS: +14.8% a year, volatility 37.2%KEYS: +13.9% a year, volatility 34.5%AAPL: +18.5% a year, volatility 28.0%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%MUSA: +26.1% a year, volatility 31.2%WMT: +20.8% a year, volatility 22.6%FSS: +23.3% a year, volatility 31.7%GOOG: +19.0% a year, volatility 32.0%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%BHP: +16.6% a year, volatility 31.4%CB: +15.7% a year, volatility 20.4%TXN: +9.9% a year, volatility 33.7%VO: +6.8% a year, volatility 17.6%VYM: +11.3% a year, volatility 13.8%COR: +24.2% a year, volatility 22.8%T: +9.8% a year, volatility 25.2%RIO: +12.2% a year, volatility 29.0%MNST: +17.2% a year, volatility 24.9%VT: +10.3% a year, volatility 16.2%ENB: +9.1% a year, volatility 18.9%MSI: +14.8% a year, volatility 23.6%NGG: +11.8% a year, volatility 22.6%ETR: +19.2% a year, volatility 22.4%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%FAST: +15.8% a year, volatility 24.6%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%RACE: +13.3% a year, volatility 30.0%DYNF: +14.7% a year, volatility 17.5%TRP: +10.8% a year, volatility 21.9%IX: +17.9% a year, volatility 25.4%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%EFV: +13.6% a year, volatility 15.9%XLF: +8.6% a year, volatility 18.3%FNV: +12.5% a year, volatility 31.3%FNDF: +13.6% a year, volatility 16.3%SPMO: +18.7% a year, volatility 20.8%PWR: +39.3% a year, volatility 37.2%RS: +24.8% a year, volatility 28.1%XLI: +11.5% a year, volatility 17.6%AVLV: +14.0% a year, volatility 16.9%HUBB: +21.0% a year, volatility 30.0%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%RDVY: +11.3% a year, volatility 18.8%NI: +15.1% a year, volatility 20.3%DGX: +12.3% a year, volatility 22.5%EMXC: +11.1% a year, volatility 19.5%AVEM: +9.3% a year, volatility 19.5%SPHQ: +12.0% a year, volatility 16.7%PKG: +15.4% a year, volatility 25.8%DTM: +24.5% a year, volatility 25.2%EXPD: +12.0% a year, volatility 27.1%MPC: +51.2% a year, volatility 33.4%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%EVRG: +9.5% a year, volatility 18.9%BBJP: +9.3% a year, volatility 18.6%PAVE: +14.9% a year, volatility 21.6%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%EHC: +18.4% a year, volatility 26.8%KKR: +5.7% a year, volatility 39.8%SPY (S&P 500): +12.7% a year, volatility 17.1%GS: +19.6% a year, volatility 28.6%MS: +16.0% a year, volatility 28.8%BLK: +7.1% a year, volatility 27.1%APO: +10.5% a year, volatility 37.3%ARES: +11.4% a year, volatility 38.2%LPLA: +13.6% a year, volatility 36.2%RY: +17.3% a year, volatility 18.2%JPM: +17.3% a year, volatility 24.3%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%JXN: +41.7% a year, volatility 43.3%ICE: +5.4% a year, volatility 21.8%MSFT: +12.5% a year, volatility 28.2%LLY: +40.7% a year, volatility 32.8%CAT: +31.1% a year, volatility 31.9%COST: +17.4% a year, volatility 22.9%APH: +33.8% a year, volatility 32.2%VGT: +18.4% a year, volatility 26.0%DHT: +38.7% a year, volatility 39.0%JAAA: +5.1% a year, volatility 1.7%PBR-A: +51.8% a year, volatility 37.5%CAH: +42.1% a year, volatility 24.7%AMG: +18.8% a year, volatility 31.9%KKRSPY (S&P 500)GSMSBLKAPOARESRYJPMTDIBKRJXNICEMSFTLLYCATAPHDHTJAAAPBR-ACAHAMG0.0%10.0%20.0%30.0%40.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than KKRADI: +19.5% a year, volatility 34.1%PGR: +21.3% a year, volatility 25.6%DE: +14.4% a year, volatility 29.9%TT: +22.7% a year, volatility 27.7%GWW: +26.3% a year, volatility 24.9%ESLT: +39.8% a year, volatility 34.6%CDNS: +14.8% a year, volatility 37.2%KEYS: +13.9% a year, volatility 34.5%AAPL: +18.5% a year, volatility 28.0%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%MUSA: +26.1% a year, volatility 31.2%WMT: +20.8% a year, volatility 22.6%FSS: +23.3% a year, volatility 31.7%GOOG: +19.0% a year, volatility 32.0%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%BHP: +16.6% a year, volatility 31.4%CB: +15.7% a year, volatility 20.4%TXN: +9.9% a year, volatility 33.7%VO: +6.8% a year, volatility 17.6%VYM: +11.3% a year, volatility 13.8%COR: +24.2% a year, volatility 22.8%T: +9.8% a year, volatility 25.2%RIO: +12.2% a year, volatility 29.0%MNST: +17.2% a year, volatility 24.9%VT: +10.3% a year, volatility 16.2%ENB: +9.1% a year, volatility 18.9%MSI: +14.8% a year, volatility 23.6%NGG: +11.8% a year, volatility 22.6%ETR: +19.2% a year, volatility 22.4%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%FAST: +15.8% a year, volatility 24.6%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%RACE: +13.3% a year, volatility 30.0%DYNF: +14.7% a year, volatility 17.5%TRP: +10.8% a year, volatility 21.9%IX: +17.9% a year, volatility 25.4%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%EFV: +13.6% a year, volatility 15.9%XLF: +8.6% a year, volatility 18.3%FNV: +12.5% a year, volatility 31.3%FNDF: +13.6% a year, volatility 16.3%SPMO: +18.7% a year, volatility 20.8%PWR: +39.3% a year, volatility 37.2%RS: +24.8% a year, volatility 28.1%XLI: +11.5% a year, volatility 17.6%AVLV: +14.0% a year, volatility 16.9%HUBB: +21.0% a year, volatility 30.0%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%RDVY: +11.3% a year, volatility 18.8%NI: +15.1% a year, volatility 20.3%DGX: +12.3% a year, volatility 22.5%EMXC: +11.1% a year, volatility 19.5%AVEM: +9.3% a year, volatility 19.5%SPHQ: +12.0% a year, volatility 16.7%PKG: +15.4% a year, volatility 25.8%DTM: +24.5% a year, volatility 25.2%EXPD: +12.0% a year, volatility 27.1%MPC: +51.2% a year, volatility 33.4%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%EVRG: +9.5% a year, volatility 18.9%BBJP: +9.3% a year, volatility 18.6%PAVE: +14.9% a year, volatility 21.6%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%EHC: +18.4% a year, volatility 26.8%KKR: +5.7% a year, volatility 39.8%SPY (S&P 500): +12.7% a year, volatility 17.1%GS: +19.6% a year, volatility 28.6%MS: +16.0% a year, volatility 28.8%BLK: +7.1% a year, volatility 27.1%APO: +10.5% a year, volatility 37.3%ARES: +11.4% a year, volatility 38.2%LPLA: +13.6% a year, volatility 36.2%RY: +17.3% a year, volatility 18.2%JPM: +17.3% a year, volatility 24.3%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%JXN: +41.7% a year, volatility 43.3%ICE: +5.4% a year, volatility 21.8%MSFT: +12.5% a year, volatility 28.2%LLY: +40.7% a year, volatility 32.8%CAT: +31.1% a year, volatility 31.9%COST: +17.4% a year, volatility 22.9%APH: +33.8% a year, volatility 32.2%VGT: +18.4% a year, volatility 26.0%DHT: +38.7% a year, volatility 39.0%JAAA: +5.1% a year, volatility 1.7%PBR-A: +51.8% a year, volatility 37.5%CAH: +42.1% a year, volatility 24.7%AMG: +18.8% a year, volatility 31.9%KKRSPY (S&P 500)GSMSBLKAPOARESLPLARYJPMTDIBKRJXNICELLYCATAPHDHTJAAAPBR-ACAHAMG
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than KKR?

Investments that beat KKR over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat KKR over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks KKR's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than KKR follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than KKR's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× KKR's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than KKR's.

Screen the whole market against KKR for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with KKR?lower diversifies moreExpenseper year
KKRKKR & Co. Inc. · this page
+5.7%39.8%0.34−49.4%+653%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.690.09%
Popular alternativesbest 6 shownThe investments people most often weigh against KKR. 9 of 18 passed at least one test.
GSThe Goldman Sachs Group, Inc. · Capital Markets
Higher return, lower volatilityHigher return in most periods+19.6%28.6%0.77−48.8%+521%0.71—
MSMorgan Stanley · Capital Markets
Higher return, lower volatilityHigher return in most periods+16.0%28.8%0.66−51.3%+627%0.70—
BLKBlackRock, Inc. · Asset Management
Higher return, lower volatilityHigher return in most periods+7.1%27.1%0.39−43.9%+313%0.77—
APOApollo Global Management, Inc. · Alternative Asset Management
Higher return, lower volatilityHigher return in most periods+10.5%37.3%0.46−53.5%+825%0.86—
ARESAres Management Corporation · Alternative Asset Management
Higher return, similar volatilityHigher return in most periodsSmaller losses in recent crashes+11.4%38.2%0.48−49.9%+926%0.83—
LPLALPL Financial Holdings Inc. · Asset Management
Higher return, lower volatilityHigher return in most periods+13.6%36.2%0.54−60.3%+1,057%0.44—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Alternative Asset Management and Asset Management and the categories next to it (Business Development Companies, Capital Markets, Banks, Investment Banking & Brokerage), plus KKR's specific themes. 90 of 129 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.52—
JPMJPMorgan Chase & Co. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%24.3%0.78−43.6%+537%0.69—
TDThe Toronto-Dominion Bank · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.8%20.0%0.84−42.0%+310%0.42—
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+35.4%35.4%1.04−55.1%+935%0.53—
JXNJackson Financial Inc. · Life Insurance · Annuities theme
Higher return, similar volatilityHigher return in most periods+41.7%43.3%1.03−48.4%—0.51—
ICEIntercontinental Exchange, Inc. · Capital Markets
Similar return, lower volatility+5.4%21.8%0.35−34.3%+240%0.58—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,622 of 3,486 passed at least one test.
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.5%28.2%0.56−37.1%+946%0.52—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.00—
CATCaterpillar Inc. · Industrial Machinery
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+31.1%31.9%1.01−43.4%+936%0.37—
COSTCostco Wholesale Corporation · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+17.4%22.9%0.82−31.4%+685%0.38—
APHAmphenol Corporation · Electronic Components
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.8%32.2%1.07−37.5%+965%0.37—
VGTVanguard Information Technology ETF · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+18.4%26.0%0.78−35.1%+779%0.540.09%
DHTDHT Holdings, Inc. · Marine Shipping
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+38.7%39.0%1.04−39.7%+1,050%-0.13—
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+5.1%1.7%2.98−2.6%—0.370.20%
What these numbers mean for KKR
Annual return
KKR returned 5.7% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $13,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
KKR's volatility over the past 5 years was 39.8%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, KKR's return lands within 39.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
KKR's Sharpe ratio over the past 5 years was 0.34, against 0.79 for the S&P 500, so KKR earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
KKR's worst fall from a peak to a low over the past 10 years was 49.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 49.4% fall takes a 97.7% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, KKR's monthly returns had a correlation of 0.69 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against KKR instead: the lower it is, the more that option would diversify a KKR holding. Guide: Correlation and diversification →
Show all 1,223 stocks and funds worth at least $500 million that earned more than KKR with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with KKRExpense
1
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+946%0.52—
2
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.00—
3
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.37—
4
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.38—
5
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.37—
6
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.540.09%
7
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+652%0.30—
8
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.17—
9
DEDeere & Company · Industrial Machinery
Whole market+14.4%29.9%0.60−37.9%+755%0.20—
10
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.45—
11
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.50—
12
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%0.03—
13
CDNSCadence Design Systems, Inc. · Software
Whole market+14.8%37.2%0.56−34.2%+1,139%0.44—
14
KEYSKeysight Technologies, Inc. · Electronic Equipment
Whole market+13.9%34.5%0.55−42.6%+923%0.21—
15
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.35—
16
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.700.03%
17
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.690.03%
18
MUSAMurphy USA Inc. · Convenience Stores
Whole market+26.1%31.2%0.90−35.5%+706%0.28—
19
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.27—
20
FSSFederal Signal Corporation · Industrial Machinery
Whole market+23.3%31.7%0.82−33.0%+882%0.61—
21
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+752%0.36—
22
RYRoyal Bank of Canada · Banks
Same or nearby category+17.3%18.2%0.97−40.0%+352%0.52—
23
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.01—
24
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.51—
25
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.150.48%
26
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.380.40%
27
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.03—
28
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.450.05%
29
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.560.18%
30
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.11—
31
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.18—
32
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.06—
33
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.05—
34
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.590.03%
35
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.12—
36
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%-0.02—
37
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.470.03%
38
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.29—
39
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%-0.070.40%
40
IBMInternational Business Machines Corporation · IT Services
Whole market+16.6%30.5%0.66−41.1%+151%0.19—
41
BHPBHP Group Limited · Metals & Mining
Whole market+16.6%31.4%0.65−44.3%+398%0.07—
42
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.25—
43
TXNTexas Instruments Incorporated · Semiconductors
Whole market+9.9%33.7%0.45−33.4%+424%0.29—
44
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%17.6%0.47−39.4%+198%0.710.03%
45
VYMVanguard High Dividend Yield ETF · US Dividend Equity
Whole market+11.3%13.8%0.85−35.2%+208%0.600.04%
46
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.26—
47
TAT&T Inc. · Integrated Telecommunications
Whole market+9.8%25.2%0.50−39.4%+60.7%0.20—
48
RIORio Tinto Group · Metals & Mining
Whole market+12.2%29.0%0.54−37.5%+464%0.08—
49
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.04—
50
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.640.06%
51
ENBEnbridge Inc. · Oil & Gas Midstream
Whole market+9.1%18.9%0.56−44.1%+103%0.41—
52
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.42—
53
NGGNational Grid plc · Electric Utilities
Whole market+11.8%22.6%0.61−39.2%+118%0.31—
54
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.23—
55
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.19—
56
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.15—
57
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.39—
58
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.660.04%
59
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.44—
60
RACEFerrari N.V. · Automobiles
Whole market+13.3%30.0%0.57−39.2%+711%0.39—
61
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.700.26%
62
TRPTC Energy Corporation · Oil & Gas Midstream
Whole market+10.8%21.9%0.58−41.6%+160%0.40—
63
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.30—
64
IRMIron Mountain Incorporated · Specialty REITs
Whole market+24.6%30.3%0.88−39.0%+470%0.31—
65
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.30—
66
EFViShares MSCI EAFE Value ETF · International Equity
Whole market+13.6%15.9%0.88−43.2%+157%0.420.31%
67
XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity
Whole market+8.6%18.3%0.54−42.9%+241%0.790.08%
68
FNVFranco-Nevada Corporation · Gold Mining
Whole market+12.5%31.3%0.53−37.1%+303%-0.02—
69
JPMJPMorgan Chase & Co. · Banks
Same or nearby category+17.3%24.3%0.78−43.6%+537%0.69—
70
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.400.25%
71
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.500.13%
72
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+2,045%0.34—
73
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.38—
74
XLIState Street Industrial Select Sector SPDR ETF · US Industrials
Whole market+11.5%17.6%0.71−42.3%+246%0.570.08%
75
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.650.15%
76
HUBBHubbell Incorporated · Electrical Equipment
Whole market+21.0%30.0%0.79−41.6%+442%0.45—
77
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.660.56%
78
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.410.08%
79
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.400.36%
80
RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity
Whole market+11.3%18.8%0.67−40.6%+322%0.690.47%
81
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.25—
82
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.10—
83
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity
Whole market+11.1%19.5%0.64−42.8%—0.280.25%
84
AVEMAvantis Emerging Markets Equity ETF · Emerging Markets Equity
Whole market+9.3%19.5%0.56−36.0%—0.260.33%
85
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.550.20%
86
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.39—
87
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.39—
88
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Whole market+12.0%27.1%0.56−35.6%+349%0.47—
89
TDThe Toronto-Dominion Bank · Banks
Same or nearby category+15.8%20.0%0.84−42.0%+310%0.42—
90
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.21—
91
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%0.19—
92
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.650.39%
93
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+454%0.370.58%
94
EVRGEvergy, Inc. · Electric Utilities
Whole market+9.5%18.9%0.57−38.8%+109%0.18—
95
BBJPJPMorgan BetaBuilders Japan ETF · International Equity
Whole market+9.3%18.6%0.57−32.7%—0.320.19%
96
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.9%21.6%0.75−44.1%—0.610.47%
97
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.640.15%
98
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.490.35%
99
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.610.40%
100
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.4%26.8%0.77−39.5%+340%0.20—

KKR against its popular alternatives

The investments people most often weigh against KKR, compared period by period and year by year.

How do KKR's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at KKR, which divides the map into what did better or worse on each measure.

Green points earned more than KKR with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityKKR: 5.7% a year, volatility 39.8%SPY (S&P 500): 12.7% a year, volatility 17.1%LPLA: 13.6% a year, volatility 36.2%ARES: 11.4% a year, volatility 38.2%BLK: 7.1% a year, volatility 27.1%AMG: 18.8% a year, volatility 31.9%GCMG: 6.7% a year, volatility 27.2%APO: 10.5% a year, volatility 37.3%GS: 19.6% a year, volatility 28.6%MS: 16.0% a year, volatility 28.8%ARCC: 7.2% a year, volatility 20.1%OWL: −7.3% a year, volatility 42.2%BX: 0.4% a year, volatility 39.8%STEP: 2.9% a year, volatility 42.2%CG: −3.9% a year, volatility 40.1%BN: 3.9% a year, volatility 31.1%OBDC: 3.8% a year, volatility 21.2%PAX: −1.6% a year, volatility 31.4%VRTS: −14.5% a year, volatility 36.1%HLNE: −0.8% a year, volatility 36.9%KKRSPY (S&P 500)LPLAARESBLKAMGGCMGAPOGSMSARCCOWLBXSTEPCGBNOBDCPAXVRTSHLNE10.0%20.0%30.0%40.0%50.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityKKR: 5.7% a year, volatility 39.8%SPY (S&P 500): 12.7% a year, volatility 17.1%LPLA: 13.6% a year, volatility 36.2%ARES: 11.4% a year, volatility 38.2%BLK: 7.1% a year, volatility 27.1%AMG: 18.8% a year, volatility 31.9%GCMG: 6.7% a year, volatility 27.2%APO: 10.5% a year, volatility 37.3%GS: 19.6% a year, volatility 28.6%MS: 16.0% a year, volatility 28.8%ARCC: 7.2% a year, volatility 20.1%OWL: −7.3% a year, volatility 42.2%BX: 0.4% a year, volatility 39.8%STEP: 2.9% a year, volatility 42.2%CG: −3.9% a year, volatility 40.1%BN: 3.9% a year, volatility 31.1%OBDC: 3.8% a year, volatility 21.2%PAX: −1.6% a year, volatility 31.4%VRTS: −14.5% a year, volatility 36.1%HLNE: −0.8% a year, volatility 36.9%KKRSPY (S&P 500)LPLAARESBLKAMGGCMGAPOGSMSARCCOWLBXSTEPCGBNOBDCPAXVRTS
All figures
InvestmentAnnual returnVolatility
GS The Goldman Sachs Group, Inc.+19.6%28.6%
AMG Affiliated Managers Group, Inc.+18.8%31.9%
MS Morgan Stanley+16.0%28.8%
LPLA LPL Financial Holdings Inc.+13.6%36.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
ARES Ares Management Corporation+11.4%38.2%
APO Apollo Global Management, Inc.+10.5%37.3%
ARCC Ares Capital Corporation+7.2%20.1%
BLK BlackRock, Inc.+7.1%27.1%
GCMG GCM Grosvenor Inc.+6.7%27.2%
KKR This pageKKR & Co. Inc.+5.7%39.8%
BN Brookfield Corporation+3.9%31.1%
OBDC Blue Owl Capital Corporation+3.8%21.2%
STEP StepStone Group Inc.+2.9%42.2%
BX Blackstone Inc.+0.4%39.8%
HLNE Hamilton Lane Incorporated−0.8%36.9%
PAX Patria Investments Ltd−1.6%31.4%
CG The Carlyle Group Inc.−3.9%40.1%
OWL Blue Owl Capital Inc.−7.3%42.2%
VRTS Virtus Investment Partners, Inc.−14.5%36.1%
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Has KKR consistently beaten its popular alternatives?

This section compares KKR with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than KKR helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than KKR over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
KKR KKR & Co. Inc. (this page)—−11.5%−7.8%−13.8%−30.4%−25.2%+65.7%+31.8%+653%39.8%0.34−49.4%—$80B—
LPLA QualifiedLPL Financial Holdings Inc.5/5 short2/3 long−3.1%−1.8%−0.3%−10.7%−4.9%+47.1%+88.9%+1,057%36.2%0.54−60.3%—$25B—
ARES QualifiedAres Management Corporation5/5 short2/3 long−8.2%−3.1%−0.1%−27.7%−17.4%+24.9%+71.4%+926%38.2%0.48−49.9%—$38B—
BLK QualifiedBlackRock, Inc.5/5 short2/3 long+3.5%+7.6%+8.8%+5.7%−0.6%+96.3%+41.1%+313%27.1%0.39−43.9%—$175B—
AMG QualifiedAffiliated Managers Group, Inc.5/5 short2/3 long+6.6%+6.2%+29.2%+34.6%+59.9%+214%+137%+185%31.9%0.70−78.5%—$10B—
GCMG QualifiedGCM Grosvenor Inc.5/5 short2/3 long−5.3%−0.9%+17.4%+14.8%+13.0%+82.8%+38.2%—27.2%0.38−51.8%—$769M—
APO QualifiedApollo Global Management, Inc.4/5 short2/3 long−13.0%−5.5%−11.9%−23.2%−9.7%+41.4%+64.9%+825%37.3%0.46−53.5%—$66B—
GS QualifiedThe Goldman Sachs Group, Inc.4/5 short2/3 long−7.8%−15.7%−5.2%−1.8%+18.2%+215%+145%+521%28.6%0.77−48.8%—$258B—
MS QualifiedMorgan Stanley3/5 short2/3 long−12.5%−14.0%−4.4%+0.8%+13.9%+170%+110%+627%28.8%0.66−51.3%—$285B—
ARCC Asset ManagementAres Capital Corporation5/5 short1/3 long−4.8%−0.1%+1.8%−2.2%+4.4%+30.5%+41.5%+212%20.1%0.45−56.8%—$13B—
BAM Asset ManagementBrookfield Asset Management Ltd.5/5 short1/3 long−0.6%−2.1%−4.5%−11.4%−12.5%+67.9%————−30.4%—$73B—
TPG Asset ManagementTPG Inc.4/5 short1/3 long−4.6%+4.4%+1.7%−30.0%−16.9%+84.5%————−44.9%—$17B—
BN Asset ManagementBrookfield Corporation3/5 short1/3 long−1.7%−11.8%−19.8%−19.6%−16.8%+85.9%+20.8%+226%31.1%0.28−51.4%—$83B—
OBDC Asset ManagementBlue Owl Capital Corporation5/5 short0/3 long−8.7%−5.9%−10.6%−13.3%−11.7%+5.1%+20.2%—21.2%0.28−56.1%—$4.9B—
PAX Asset ManagementPatria Investments Ltd5/5 short0/3 long+15.9%+10.1%−7.0%−21.4%−14.2%+6.9%−7.7%—31.4%0.11−46.1%—$2.0B—
VRTS Asset ManagementVirtus Investment Partners, Inc.3/5 short0/3 long−7.5%−24.8%−12.8%−22.6%−29.3%−18.9%−54.4%+64.8%36.1%-0.26−58.7%—$795M—
OWL Asset ManagementBlue Owl Capital Inc.3/5 short0/3 long−8.2%+0.3%−3.0%−36.1%−40.5%−13.5%−31.5%—42.2%0.03−67.1%—$14B—
BX Asset ManagementBlackstone Inc.2/5 short0/3 long−12.7%−9.8%−12.8%−28.3%−28.4%+28.6%+2.1%+628%39.8%0.21−49.3%—$127B—
HLNE Asset ManagementHamilton Lane Incorporated2/5 short0/3 long−5.3%−0.4%−20.5%−37.5%−28.5%+10.6%−3.9%—36.9%0.16−62.3%—$4.6B—
STEP Asset ManagementStepStone Group Inc.2/5 short0/3 long−9.5%+2.4%−20.1%−33.4%−26.9%+66.0%+15.2%—42.2%0.28−60.2%—$5.5B—
CG Asset ManagementThe Carlyle Group Inc.1/5 short0/3 long−8.7%−16.0%−28.0%−37.4%−34.2%+47.2%−18.0%+287%40.1%0.10−56.7%—$13B—
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How did KKR do year by year?

This table shows each investment's total return in every full calendar year since 2008, along with where KKR ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with KKR and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: KKR began trading on January 11, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of KKR; gray means the two finished within a fraction of a point. The rank row places KKR among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of KKR202520242023202220212020201920182017201620152014201320122011201020092008
KKR This pageKKR & Co. Inc.—−13.3%+79.6%+80.5%−37.0%+85.8%+41.1%+51.5%−4.3%+41.8%+3.4%−28.0%+4.0%+73.8%+25.6%−5.3%+70.4%+153%−81.3%
Rank among alternativesTop quarter in 7 of 1819 of 213 of 213 of 2116 of 192 of 183 of 169 of 145 of 145 of 139 of 1310 of 136 of 123 of 127 of 116 of 102 of 91 of 88 of 8
SPY S&P 500State Street SPDR S&P 500 ETF7 of 18+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%
LPLA LPL Financial Holdings Inc.5 of 15+9.8%+44.1%+5.9%+35.7%+54.6%+14.6%+52.9%+8.5%+66.0%−14.1%−2.0%−3.4%+70.1%−1.3%−16.0%———
ARES Ares Management Corporation5 of 11−6.2%+52.7%+79.5%−12.7%+77.7%+37.3%+110%−5.6%+11.6%+56.5%−20.6%———————
BLK BlackRock, Inc.8 of 18+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%+15.7%+57.0%+19.8%−3.6%−15.9%+76.6%−37.0%
AMG Affiliated Managers Group, Inc.6 of 18+55.9%+22.2%−4.4%−3.7%+61.8%+20.5%−11.8%−52.1%+41.9%−9.0%−24.7%−2.1%+66.6%+35.6%−3.3%+47.3%+60.7%−64.3%
GCMG GCM Grosvenor Inc.2 of 6−4.3%+42.8%+24.8%−24.0%−18.9%+30.0%————————————
APO Apollo Global Management, Inc.7 of 14−11.1%+79.9%+49.5%−9.6%+53.3%+8.0%+107%−22.0%+85.4%+37.3%−29.3%−15.9%+112%+54.6%————
GS The Goldman Sachs Group, Inc.7 of 18+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%+10.8%+40.8%+43.4%−45.6%+0.5%+103%−60.4%
MS Morgan Stanley7 of 18+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%+25.0%+65.4%+27.6%−43.9%−7.5%+88.3%−68.8%
ARCC Ares Capital Corporation7 of 18+1.0%+19.8%+20.1%−3.9%+36.0%+0.8%+31.3%+8.9%+4.4%+28.2%+0.8%−3.6%+11.2%+24.8%+2.4%+45.1%+148%−48.5%
BAM Brookfield Asset Management Ltd.1 of 3−0.3%+39.7%+45.6%———————————————
TPG TPG Inc.1 of 3+5.1%+50.6%+62.4%———————————————
BN Brookfield Corporation7 of 18+20.6%+44.1%+29.1%−35.0%+48.9%+8.5%+52.3%−10.7%+34.2%+8.0%−4.4%+31.1%+11.5%+53.5%−16.3%+53.6%+49.6%−56.5%
OBDC Blue Owl Capital Corporation2 of 6−7.9%+14.8%+43.4%−9.6%+22.0%−19.4%————————————
PAX Patria Investments Ltd2 of 4+43.2%−20.0%+18.9%−10.0%——————————————
VRTS Virtus Investment Partners, Inc.6 of 16−22.1%−5.5%+30.9%−33.5%+39.0%+82.5%+56.6%−29.8%−1.0%+2.7%−30.1%−14.4%+65.4%+59.1%+67.5%+185%——
OWL Blue Owl Capital Inc.1 of 5−32.8%+61.7%+47.3%−26.3%+32.2%—————————————
BX Blackstone Inc.9 of 18−7.8%+35.1%+82.8%−40.0%+107%+19.8%+96.3%+0.1%+27.4%−1.5%−5.0%+13.9%+114%+15.7%+3.4%+12.7%+117%−67.4%
HLNE Hamilton Lane Incorporated3 of 8−7.9%+32.4%+81.4%−37.0%+34.7%+33.5%+64.3%+6.6%——————————
STEP StepStone Group Inc.2 of 5+13.6%+85.9%+31.7%−37.9%+5.4%—————————————
CG The Carlyle Group Inc.4 of 13+20.2%+28.1%+42.6%−43.8%+78.5%+1.6%+117%−27.2%+59.8%+9.0%−34.8%−18.5%+42.7%—————
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Risk and diversification

How KKR has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were KKR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents KKR's five deepest drawdowns since it began trading in 2007, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: KKR began trading on January 11, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means KKR fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringKKR fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−93.8%−42.5%Mar 2007Feb 200923 monthsJan 20144.9 years
2015 China and oil sell-off−53.1%−12.3%Jul 2015Feb 20167 monthsJan 201823 months
No named crash−49.4%+12.0%Jan 2025Mar 202614 monthsNot yet—
2022 bear market−47.9%−22.0%Nov 2021Sep 202210 monthsDec 202315 months
Covid crash−45.5%−33.7%Feb 2020Mar 20201 monthJul 20204 months

How did KKR do in stock market crashes?

This section measures how far KKR, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: KKR began trading on January 11, 2007, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than KKR.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
KKR This pageKKR & Co. Inc.—−12.6%−41.7%−45.5%−33.5%−10.2%−51.3%−37.8%−2.2%−90.1%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF9 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
LPLA LPL Financial Holdings Inc.5 of 7−19.8%−24.7%−60.3%−19.8%−4.5%−46.0%−28.1%———
ARES Ares Management Corporation5 of 6−12.7%−35.7%−44.1%−26.7%−6.9%−43.4%————
BLK BlackRock, Inc.9 of 9−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
AMG Affiliated Managers Group, Inc.5 of 9−12.8%−32.9%−49.1%−38.7%−9.0%−44.4%−31.8%−4.8%−85.9%−46.4%
GCMG GCM Grosvenor Inc.3 of 3−7.0%−39.5%−4.7%———————
APO Apollo Global Management, Inc.2 of 7−17.9%−35.5%−48.9%−35.7%−10.8%−40.0%−44.2%———
GS The Goldman Sachs Group, Inc.8 of 9−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
MS Morgan Stanley7 of 9−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
ARCC Ares Capital Corporation7 of 9−8.1%−21.8%−56.3%−14.4%−2.5%−19.1%−19.9%−2.7%−77.3%—
BAM Brookfield Asset Management Ltd.1 of 1−7.1%—————————
TPG TPG Inc.0 of 1−17.7%—————————
BN Brookfield Corporation8 of 9−10.5%−36.2%−51.4%−18.1%−5.2%−22.7%−18.7%0.0%−70.9%−20.7%
OBDC Blue Owl Capital Corporation2 of 3−9.3%−28.3%−48.0%———————
PAX Patria Investments Ltd2 of 2−7.7%−31.9%————————
VRTS Virtus Investment Partners, Inc.4 of 8−13.7%−49.1%−58.3%−41.8%−7.5%−38.0%−36.2%0.0%——
OWL Blue Owl Capital Inc.1 of 2−17.7%−39.7%————————
BX Blackstone Inc.7 of 9−12.3%−38.5%−42.6%−29.1%−4.2%−37.7%−35.6%−3.5%−84.9%—
HLNE Hamilton Lane Incorporated3 of 5−16.4%−43.2%−42.6%−30.4%−5.7%—————
STEP StepStone Group Inc.0 of 2−19.1%−43.4%————————
CG The Carlyle Group Inc.1 of 6−13.1%−52.5%−46.2%−34.7%−10.4%−50.3%————
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How closely does KKR move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares KKR with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than KKR's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
KKR This pageKKR & Co. Inc.171%191%0.891.62
LPLA LPL Financial Holdings Inc.110%52%2.130.85
ARES Ares Management Corporation157%146%1.071.29
ARCC Ares Capital Corporation75%70%1.070.87
MS Morgan Stanley142%137%1.041.39
GS The Goldman Sachs Group, Inc.136%133%1.021.39
APO Apollo Global Management, Inc.166%168%0.991.58
BX Blackstone Inc.156%170%0.921.48
BLK BlackRock, Inc.127%157%0.811.30
BN Brookfield Corporation125%162%0.771.42
AMG Affiliated Managers Group, Inc.103%137%0.761.22
CG The Carlyle Group Inc.156%206%0.761.65
VRTS Virtus Investment Partners, Inc.116%183%0.631.49
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What diversifies KKR?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with KKR's. Because such investments tend not to fall at the same time, pairing KKR with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which KKR lost money. The last two columns show a portfolio that is 80% KKR and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20252022201820152011200880/20 mix volatility80/20 mix annual return
KKR KKR & Co. Inc. (this page)1.00+31.8%0.34−13.3%−37.0%−4.3%−28.0%−5.3%−81.3%41.6%+9.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.38+119%1.48+27.1%+3.8%−5.2%———34.0%+12.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.15+225%1.34+32.8%+6.0%−19.8%+7.7%−16.1%−20.8%33.8%+14.2%
HDV Dividend & IncomeiShares Core High Dividend ETF0.41+83.3%1.00+11.9%+7.1%−3.0%−0.3%——34.5%+11.1%
EWP Broad MarketiShares MSCI Spain ETF0.42+140%0.97+78.0%−5.2%−15.3%−15.6%−9.8%−36.8%35.0%+12.8%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.49+135%0.97+4.9%+21.5%−15.5%−35.3%——35.3%+12.6%
SMH TechnologyVanEck Semiconductor ETF0.38+323%0.97+49.2%−33.5%−9.1%−0.3%+6.8%−44.7%36.5%+16.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.49+85.0%0.96+23.1%−5.1%−9.5%+4.1%——34.4%+11.4%
GLD CommoditiesSPDR Gold Shares-0.07+126%0.96+63.7%−0.8%−1.9%−10.7%+9.6%+4.9%33.2%+12.9%

Stocks

InvestmentCorrelation5Y returnSharpe20252022201820152011200880/20 mix volatility80/20 mix annual return
KKR KKR & Co. Inc. (this page)1.00+31.8%0.34−13.3%−37.0%−4.3%−28.0%−5.3%−81.3%41.6%+9.3%
CAH Medical - DistributionCardinal Health, Inc.0.09+479%1.55+76.3%+54.1%−24.5%+12.6%+8.1%−39.6%34.2%+16.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.41+3,143%1.47+220%+1.3%−16.3%−6.0%−24.4%−20.5%39.6%+27.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.41+1,636%1.46+121%+17.0%+0.8%+67.7%−17.0%−15.2%37.9%+24.1%
MCK Medical - DistributionMcKesson Corporation0.06+413%1.44+44.5%+51.8%−28.4%−4.5%+11.8%−40.4%34.0%+16.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.21+690%1.41+19.2%+86.6%−8.2%+17.4%——35.2%+18.3%
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Common questions

What was KKR's worst drawdown?

KKR's deepest decline since it began trading in 2007 was 93.8%, from March 2007 to February 2009. It took about five years from the low to climb back to its old high. Because KKR launched in January 2007, that record does not include the dot-com bust.

What were KKR's best and worst years?

Over 18 full calendar years, KKR's best year was 2009, when it returned 153%. Its worst was 2008, with a return of -81.2%.

Is there a better investment than KKR?

Among KKR's popular alternatives, GS, MS and BLK earned more than KKR with less volatility over the past 5 years. GS returned 19.6% a year at 28.6% volatility, against 5.7% a year at 39.8%. Looking beyond its popular alternatives, RY (banks) and JPM (banks) earned more than KKR with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 5.7% a year at 39.8%.

Is KKR more volatile than the S&P 500?

Yes. KKR's volatility over the past 5 years was 39.8%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, KKR's return lands within 39.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is KKR's Sharpe ratio?

KKR's Sharpe ratio over the past 5 years was 0.34, against 0.79 for the S&P 500, so KKR earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is KKR with the S&P 500?

Over the past 5 years, KKR's monthly returns had a correlation of 0.69 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against KKR instead: the lower it is, the more that option would diversify a KKR holding.

What are the best alternatives to KKR?

Of the 20 popular alternatives we compared, eight outperformed KKR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LPLA, ARES and BLK.

Did KKR outperform the S&P 500?

KKR finished ahead of the S&P 500 (SPY) in ten of 18 full calendar years. In 2025, it returned -13.3%, against +17.7% for the index.

How did KKR do in stock market crashes?

KKR fell less than the S&P 500 (SPY) in none of the nine major crashes it has traded through, and further in nine. The clearest case was the 2015 China and oil sell-off, when KKR fell 51.3% and the S&P 500 fell 12.8%.

What diversifies KKR?

These had a low correlation with KKR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.38), DXJ (correlation 0.15) and HDV (correlation 0.41); among large stocks, CAH (correlation 0.09), CLS (correlation 0.41) and FIX (correlation 0.41). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to KKR

Other stocks and ETFs